Downing Renewables & Infrastructure PLC - Exeter, England-based clean energy investor - Signs exclusivity agreement with Bagnall Energy Ltd for a proposed investment in a 100 megawatts wind farm to be constructed on Lake Vanern in southern Sweden. Says this will be developed by renewable energy company Cloudberry Clean Energy AS, headquartered in Oslo, Norway. Notes Bagnall is part of the Downing Estate Planning Service, which is managed by Downing LLP, Downing Renewables' investment manager.
Says once conditions of the agreement have been met, Downing Renewables will own 40% of the project, with Bagnall and Cloudberry owning 40% and 20% respectively. Confirmation of the acquisition is expected to be announced in the summer of 2021.
"We are delighted to sign this exclusivity agreement today with the option to co-invest with Bagnall. We look forward to commencing the imminent construction of the 16-turbine project with an operational launch date for 2023/24," says Tom Williams, Head of Energy & Infrastructure at Downing.
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By Zoe Wickens; zoewickens@alliancenews.com
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Downing Renewa. (DORE)